Warning over unit values coming in under contract price

first_imgThe very high level of unit supply has flared concerns over settlement risk. Picture: Liam Kidston.MORE than 40 per cent of off the plan settlement valuations for units were coming in under contract price, new research has warned.The risk capitals where this was occurring were Brisbane, Melbourne and Perth, where unprecedented levels of unit supply in the inner city had exacerbated risks for buyers, according to CoreLogic head of research Tim Lawless.”Metadata flowing across CoreLogic valuation platforms is showing more than 40 per cent of off-the-plan settlement valuations are coming in under contract price across the Melbourne, Brisbane and Perth unit sectors,” he said. “While the large majority of these ‘under valuations’ are not showing a significant gap between the contract price and settlement valuation, more significant differences can be seen in some projects and precincts.”More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours agoMr Lawless warned that the risk of buyers receiving a finance shock had heightened.“Buyers who receive a valuation lower than the original contract price will generally require a larger than expected deposit in order to meet the loan to valuation ratio required by the lender.”Realestate.com.au chief economist Nerida Conisbee said unit supply was at a very high level, with Brisbane seeing 10,000 come on-stream over 18 months while Melbourne was seeing 18,000 in the same period.“That, in itself, isn’t a problem,” she said. “The problem is when people start defaulting on apartments and when that becomes a bit of a flood as multiple people decide to walk away from their units.”Ms Conisbee said Brisbane was in a better position than Melbourne, given it had already turned the corner.“One of the good things for Brisbane is that the pipeline of supply coming beyond this year is pretty low so that’s good news for Brisbane. My concern is for Melbourne which continues to see more units in the pipeline, that’s a worry.”The comments come as the latest CoreLogic Home Value Index, released Wednesday, saw capital city dwelling values rise 0.7 per cent in January led by Hobart (1.4 per cent), Sydney (1 per cent), Melbourne (0.8 per cent). Brisbane saw the second lowest rise at 0.1 per cent with Darwin the only capital in negative territory (-1.7 per cent).last_img read more

CWI offers condolences on the passing of the late Tony Cozier’s wife

first_imgST JOHN’S, Antigua – Cricket West Indies (CWI) Tuesday extended condolences to the Cozier family on the passing of Mrs Jillian Cozier (nee McKinstry), the widow of legendary cricket journalist Tony Cozier. Mrs Cozier died on Sunday in Barbados. She was 76.CWI President Ricky Skerrit said:“We are deeply saddened to hear of the passing of Mrs Cozier and I want to extend deepest sympathy to her son Craig, daughter Natalie, grandchildren Jodi, Laila and Kailee and the entire family. Jillian was herself a cricket enthusiast in a cricket loving family. Mrs. Cozier was a pillar of strength to her husband, Tony, whose work in cricket journalism was worldwide and world class.”Craig Cozier, who is himself now a leading cricket statistician and broadcast producer, also paid tribute to his mother.He said:“She was a wonderful lady. She was the rock in the family. My father travelled for over 50 years covering cricket and she was always there to make sure things were in place. She played hockey for Pickwick Club and loved all sports. She was dedicated to her family and will be fondly remembered by all who she came into contact with.”May she rest in eternal peace.The late Tony Cozier was the son of Jimmy Cozier, a well-known cricket writer in the Caribbean, who began writing on cricket as a teenager in 1958. He studied journalism at Carleton University, Ottawa, and played hockey for Barbados and club cricket for Wanderers and then Carlton.Cozier’s first commentary was made during the West Indies-Australia series in 1965, and he was an ever-present voice for five decades thereafter. He also worked extensively for overseas television and radio stations. As a writer, he was prolific in newspapers, magazines and books.Incidentally, Tony died on May 11, 2016 while his wife succumbed on May 10, 2020, one day shy of four years since his departure.The Guyana Chronicle Sports Desk extends sincere condolences to the bereaving family.last_img read more

Pharmacy opens close to Gateway

first_imgStudents will soon have another option for their pharmacy needs.CVS Pharmacy is scheduled to open Jan. 23 in the University Gateway complex on Figueroa and 32nd Streets, according to Michael DeAngelis, the director of public relations for CVS.Convenience · Freshmen Gordon Chen, undeclared, and Alexa Chiang, a business administration major, sit outside the new CVS opening at University Gateway on Figueroa and 32nd at the end of this month. – Sunil Murali | Daily Trojan The only pharmacies currently available near campus for students is the USC Pharmacy located on the first floor of the Student Union Center and the pharmacy in the University Village.John Hrovat, director of Urban Partners, LLC, the developers of Gateway, wrote in an e-mail that he thinks both USC students and the surrounding area will benefit from the addition of CVS.“University Gateway is very excited to have CVS as part of the retail mix,” Hrovat wrote. “We knew that adding a CVS at Gateway would not only be a good fit with the building – but an excellent service to the community.”The hours for CVS will be 8 a.m. to 10 p.m. on Mondays through Fridays, 9 a.m. to 6 p.m on Saturdays and 10 a.m. to 6 p.m. on Sunday. The hours for the USC Pharmacy are 9 a.m. to 6 p.m. on Mondays through Fridays.“It’s convenient to use a CVS,” Hrovat said. “You can drive there, park and go in. We’re not going to operate 24 hours from the get-go, but we will probably work up to it.”Justin Lacey, a senior majoring in finance and accounting, said the longer hours would entice more students to go to CVS.“The hours for the USC Pharmacy are not long at all,” Lacey said. “So if another place has more opportunities for student to pick up meds and stuff then they’ll definitely go there.”Mackenzie Martin, a junior majoring in health and humanity, said she is excited for CVS to open because she has found that the USC Pharmacy tends to be expensive.Despite some beliefs that the USC Pharmacy is more expensive than other pharmacies, Michael Rudolph, executive director of the USC Pharmacy, said there is no significant price difference between products sold at CVS or at the USC Pharmacy.“We specifically offer generic alternatives to most over-the-counter products with large savings for our students,” Rudolph said.Although the CVS in Gateway will provide students with another pharmaceutical option, Rudolph said he is not worried about the competition because the USC Pharmacy offers a range of products and services that are unique to students.“The USC Pharmacies offer many programs for students, including smoking cessation, asthma and diabetes management and numerous other student-centered education programs to help proactively provide medication and disease management,” Rudolph said.Cathy DeFrancesco, senior associate administrator and student health plans administrator for the University Park Health Center, said the USC Pharmacy customizes its services for students.“The pharmacists and the pharmacy staff have worked to build relationships with their student customers, and I know that this level of caring is important to students and their families,” DeFrancesco said.For students, the decision about which pharmacy to shop at might depend on which store is more convenient.Nicole Cruz, a junior majoring in Italian and psychology, said the USC Pharmacy’s unique student services wouldn’t be enough to draw her away from CVS.“I don’t have much free time, so I would probably just go to CVS since it’s closer to me,” Cruz said.last_img read more